Specialists: Iraq needs (640) banks for economic development

Specialists: Iraq needs (640) bank for economic development

Date: 02/12/2012 12:42:24 Sunday

Baghdad (news) / report / Hussein Faleh / .. A number of experts and specialists that Iraqi banks current two branches of government and the private is not sufficient to contribute to economic development in the country, revealing that all (50) thousand citizens need one bank to meet their banking, with about (640) banks.
stressed their talk (News Agency news) the need to encourage international banks sober to open branches at home to strengthen banking and stimulate the national economy. mentioned that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed according to ownership between (7) state banks and (30) Bank Ahli including (7) Islamic banks, in addition to (6) of foreign banks. member of the Finance Committee MP / National Alliance / Abdul Hussein al-Yasiri, said: that the new economic strategy which the country is supposed to be transported from the socialist economic system (holistic) to a market economy system free and support the private sector, working to achieve a balance between local and international banks to contribute to the development of the country. Yasiri said (of the Agency news): The local banks current is sufficient to meet all the requirements of the economic process in the country, in terms of funding and deposit, the fact that their capital is limited , in addition to it lacks the most basic services enjoyed by international banks. added: that international data suggest that all (50) thousand citizens need one bank to perform their requirements banking, since the average size of the population of Iraq is (32) million, when divided by (50) thousand will produce up (640) bank assumes that there is in the country. Meanwhile confirmed member of the Committee on the economy and investment MP / coalition in Iraq / Nahida Daini, the inability of commercial banks government to fill the requirements of the investment process and economic development in the country, due to lack of capital , an advocate to promote the opening of branches of international banks in Iraq to contribute to the economic development. said Daini (of the Agency news): The government banks of Bmusrfa Rafidain and Rasheed could not cover all the requirements of the economic process in the state grants advances or percent salary or loans, because not meet ministries debts to these banks, what made their capital a few. pointed to: that there are a lot of borrowers are in “trouble” because they borrow money in installments to build houses for them in the middle of their children depends loan due to lack of sufficient funds, as well as the Ministry of Finance approves a lot of projects in the country and I deal with her money as a result of the lack of cover financial enough. said: that the investment environment of Iraq needs to international banks sober owns recapitalization high interference strongly to the Iraqi market to contribute to the development of the country’s economy through granting of loans, stressing the need to grant facilities and privileges to them to encourage them to open branches in Iraq. either banking expert Mohsen Ali, called for: the need to allow investment banks international development to support the investment process and the creation of a competitive between them and the local banks. said Ali (of the Agency news (: The international banks sober with capital and high considerable experience will create an atmosphere competitive among local banks in terms of providing the best services at the lowest costs, when given the opportunity to enter the Iraqi environment, as well as it will support the Iraqi banking sector and its development through the transfer of global experience to him. added: should encourage international banks to enter the environment Iraqi and open branches in Baghdad and the provinces, because it would serve the national economy in terms of its support for the banking sector and the development process of investment in the country, especially since the central bank law current authorizing open international banks in Iraq and deal by the treatment of domestic banks by the central bank through the granting of foreign currency in foreign remittances and provide facilities to them. Though the Investment Law No. (13) for the year 2006 has excluded investment in the banking sector of its provisions, but the investment in the banking sector takes its legal framework based on the legal central bank No. (56) for the year 2004, banks No. (94) for the year 2004, with a minimum to create a bank in Iraq (100) billion Iraqi dinars (around 85 million dollars. / end / 8. n. p /